The Central Bank of Cyprus (CBC) has revised its GDP growth projection for 2024, increasing it by 0.2 percentage points to 3.7%, according to an announcement on Thursday. This optimistic adjustment reflects stronger domestic demand, with private consumption playing a significant role. The continued resilience of the Cypriot economy underpins this forecast. Adjustments to Long-Term Growth...
In a move to meet increasing employment demands and stimulate economic growth, the Cabinet has approved measures to open the labour market to foreign students and skilled professionals. Labour Minister Yiannis Panayiotou made the announcement on Tuesday following the Cabinet meeting. Labour Market Growth and Economic Prospects Panayiotou highlighted the encouraging developments in Cyprus's labour...
The Cypriot labour market in 2024 has reached its strongest performance in the last 15 years, showing remarkable progress in job creation, employment rates, reduced unemployment, and wage growth, according to Yiannis Panayiotou, Minister of Labour and Social Insurance. Speaking at a press conference on Tuesday, the Minister highlighted the dynamic prospects of the labour market and ongoing efforts to boost...
Inflation in Cyprus, as measured by the Harmonized Index of Consumer Prices (HICP), increased by 2.2% in November 2024 compared to November 2023, according to data released by the Statistical Service. Month-on-month, the HICP decreased by 1% from October to November 2024. Annual Changes When comparing November 2024 to the same month in 2023, notable price increases were observed in: Recreation and...
The Council of Ministers has approved significant revisions to the "start-up visa" scheme, aiming to enhance its appeal and impact, Deputy Minister of Research, Innovation, and Digital Policy Nikodemos Damianou announced on Wednesday. Since its inception, the scheme has facilitated the operations of 21 start-ups in Cyprus, Damianou noted. The program enables start-up founders and senior executives from...
The European Central Bank (ECB) has reduced interest rates by 0.25 percentage points, bringing the benchmark deposit rate down to 3%. This marks the fourth rate cut since June, as the bank adjusts its policy stance amid signs of weaker-than-expected economic growth. The latest cut lowers the deposit rate to its lowest level since March 2023. In a shift from its earlier hawkish tone, the ECB softened its...
The third quarter of 2024 saw a significant rise in job vacancies in Cyprus, with a total of 16,010 positions available—a 30.4% increase compared to the 12,274 openings recorded during the same period in 2023, according to data released on Monday by the Statistical Service. Quarterly Growth Highlights The number of job vacancies also rose sharply when compared to the previous quarter, increasing by...
Cyprus’ economy is expected to demonstrate resilience in 2025, with a projected growth rate of 3.1%, surpassing the EU average, Finance Minister Makis Keravnos stated on Friday. 2024: A Year of Positive Economic Indicators Speaking at the Safe VAT Forum in Nicosia, Keravnos reflected on the economic milestones achieved in 2024. Unemployment dropped to near full employment levels, and inflation eased...
Vehicle and heating fuel prices, excluding those for agricultural use, are projected to increase by approximately 10% by 2027. This rise stems from a combination of a new European directive on emissions pricing and provisions in Cyprus’ updated national energy plan. The House environment committee discussed these developments on Wednesday. Drivers of the Price Hike A key factor contributing to the...
Cyprus’ trade deficit experienced a notable reduction in the first ten months of 2024, dropping by €1.18 billion compared to the same period in 2023. This decline was driven primarily by a significant 12.3% reduction in imports, despite a smaller decrease in exports. Key Figures for January–October 2024 Data released by the Statistical Service highlights that the trade deficit for...
